Africa is at the bottom of the global value chain because African economies rely on raw commodities. Its share of global manufacturing exports amounts to less than 1%.

In 2015, the AfDB developed a new strategic operational agenda, the “High 5s”, aimed at as accelerating the implementation of the Bank’s Ten-Year Strategy (2013-2022). The High 5s are: “Light up and power Africa”, “Feed Africa”, “Industrialize Africa”, “Integrate Africa”, and “Improve the quality of life for the people of Africa”.

“Industrialize Africa” is one of the five operational priorities, through which the Bank aims to support private sector development and unlock the potential of Small-to-Medium Enterprises (SMEs).

The AfDB will use its best efforts to direct an amount equal to the net proceeds of the issue of the Notes to lending projects within the strategic priority area “Industrialize Africa”, subject to and in accordance with the AfDB’s lending standards. The proceeds of the Notes will be included in the ordinary capital resources of the AfDB and will be used for the general operations of the Issuer in accordance with the Agreement Establishing the African Development Bank.

Fukoku Life believes the Bond could offer attractive returns on their policy holders’ funds while achieving a positive social impact in African countries.

The Bond was offered to Fukoku Life in a private placement format with Daiwa Securities Co. Ltd.as the sole arranger of the transaction.

Summary Terms of the Bond

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About the African Development Bank (AfDB) Group

The African Development Bank (AfDB) Group is the premier development finance institution in Africa with a mandate to spur sustainable economic development and social progress on the continent, thereby contributing to poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment on the continent, and providing policy advice and technical assistance to support development efforts. The African Development Bank’s authorized capital of approximately US $100 billion is subscribed to by 80 member countries made up of 54 African countries and 26 non-African countries.

The AfDB has Aaa ratings assigned by Moody’s, AAA rating assigned by Standard & Poor’s, AAA assigned by Fitch Ratings and AAA assigned by Japan Credit Rating Agency. For more information, visit http://www.afdb.org/en/

About Fukoku Mutual Life Insurance Company

Fukoku Life Group is one of the major life insurance groups in Japan with assets of approximately 9 trillion yen. Fukoku Life was founded in 1923 and since then has maintained its fundamental principle that the interests of policyholders must be protected to the utmost of its ability. Throughout the life insurance industry, Fukoku Life is noted for its distinguished investment record and efficient corporate management. For more information, visit http://www.fukoku-life.co.jp/

About Daiwa Securities Co. Ltd.

Daiwa Securities Co. Ltd. is the major subsidiary of Daiwa Securities Group Inc., which is one of the leading, comprehensive financial service firms in Asia and operates core businesses such as Retail, Global Markets, Global Investment Banking, Asset Management, and Investment. Daiwa Securities Co. Ltd. has the ratings of A3 by Moody’s, A by Standard & Poor’s, A- by Fitch, A by Rating and Investment Information and A+ by Japan Credit Rating Agency. For more information, visit http://www.daiwa-grp.jp/english/index.html